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U.S. Mint bans melting pennies, nickels

 
paladin
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12/14/2006 10:29 AM
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U.S. Mint bans melting pennies, nickels
U.S. Mint bans melting pennies, nickels
By MARTIN CRUTSINGER, AP Economics Writer
Thu Dec 14, 12:26 AM ET



WASHINGTON - Given rising metal prices, the pennies and nickels in your pocket are worth more melted down than their face value — and that has the government worried.




U.S. Mint officials said Wednesday they were putting into place rules prohibiting the melting down of 1-cent and 5-cent coins. The rules also limit the number of coins that can be shipped out of the country.

"We are taking this action because the nation needs its coinage for commerce. We don't want to see our pennies and nickels melted down so a few individuals can take advantage of the American taxpayer," Mint Director Edmund Moy said in a statement.

Officials said they had received a number of inquiries from the public in recent months concerning the value of the metal in the coins and whether it was legal to melt them.

The new regulations prohibit the melting of 1-cent and 5-cent coins, with a penalty of up to five years in prison and a fine of up to $10,000 for people convicted of violating the rule.

The rules also require that shipments of the coins out of the country be for legitimate coinage and numismatic purposes and cap the size of any one shipment to $100 worth of the coins.

Because of the prevailing prices of copper, zinc and nickel, the cost of producing pennies and nickels exceeds the face value of the coins.

A nickel is 25 percent nickel and 75 percent copper. The metal in one coin costs 6.99 cents for each 5-cent coin. When the Mint's cost of producing the coins is added, the total cost for each nickel is 8.34 cents.

Modern pennies have 2.5 percent copper content with zinc making up the rest of the coin. The current copper and zinc in a penny are worth 1.12 cents. The cost of production drives the cost of each penny up to 1.73 cents.

Pennies made before 1982, which are still in circulation, would be even more lucrative to melt down because they contain 95 percent copper and only 5 percent zinc. The metal value in those coins is 2.13 cents per coin, Mint officials said.

The new regulations are being published in the Federal Register and will go into effect as interim rules which will not become final until the government has a chance to consider possible modifications based on public comments.



[link to news.yahoo.com]
Anonymous Coward
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12/14/2006 10:32 AM
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Re: U.S. Mint bans melting pennies, nickels
Im sure the thought had never occured to most people....until now.
paladin (OP)

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12/14/2006 10:36 AM
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Re: U.S. Mint bans melting pennies, nickels
not ture..



(snip)
Wanna make 35% on an investment? Go to your US bank and buy a bag of nickels. Each nickel weighs 5 grams. 1.25 grams is nickel ($15.15 per pound) and 3.75 grams is copper ($3.16 per pound.) It costs the US government $.067 per nickel to make them just for the metals. I don't have figures for the Canadian five cent piece but it has to be pretty close to the same.


[link to www.321gold.com]
Anonymous Coward
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12/14/2006 10:42 AM
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Re: U.S. Mint bans melting pennies, nickels
Kinda hard to prove they used to be pennies, after they've been melted.
REAR VIEW (NLI)
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12/14/2006 10:56 AM
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Re: U.S. Mint bans melting pennies, nickels
LIKE I BEEN SAYING ALL ALONG...


"...[We don't want a situation where]...a few individuals can take advantage of the American taxpayer..."


...THE GOV. HATES COMPETITION...
Anonymous Coward
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12/14/2006 11:05 AM
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Re: U.S. Mint bans melting pennies, nickels
No? Only those few individuals "in charge" are allowed to take advantage of the American taxpayer, right?

"We are taking this action because the nation needs its coinage for commerce. We don't want to see our pennies and nickels melted down so a few individuals can take advantage of the American taxpayer," Mint Director Edmund Moy said in a statement.

 Quoting: paladin
gsbltd
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12/14/2006 11:11 AM
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Re: U.S. Mint bans melting pennies, nickels
This type of 'ban' suggests to me that we don't really OWN anything... even the spare change in our pockets!

Once upon a time, when you worked for something [ie: currency] it become completely -and without question- your property, to do with as you personally saw fit.

I grew up with the understanding that it was illegal to 'deface' American coinage or the flag. To me, that meant that you didn't etch your picture in place of Washingtons on a quarter or sew sequins over the stars on Old Glory -logical, since this would render them pretty useless [well: at least in the case of the quarter!] and I always thought the governmental rule was in place to reinforce the respect these common cultural icons represented. BUT: I always somehow retained the right to do as I chose with them.

Well: the US Mint can go fuck themselves. whether the pennies are in my pocket or in a Miracle Whip jar in my backyard THEY BELONG TO ME and I'll nail them on an old plank in the shape of a dollar-sign if I choose to do so! I can cut them, bend them, drill them, hammer them, and yes: melt them down if I want and defy anyone to tell me otherwise.

As a poster cogently stated above: once they're melted you can't really tell what they were originally, now can you?

Truthfully: the only thing that makes me NOT do something like smelting pennies is not this new ban... it's just not worth my time and effort to do so... but by God, I'll certainly do it if I want!
inanna
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12/14/2006 11:16 AM
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Re: U.S. Mint bans melting pennies, nickels
Pennies now have about 1.1 cents of zinc in them, and nickels have 3 cents of nickel and 3 cents of copper in them, making them cost the government about 6 cents just in materials (forget about the cost of running the machines to mint the coins). I believe the last time we were in a situation in which the material of coins were worth more than the coins, back in 1970 or so, was right at the beginning of the greatest run in gold and silver ever.
Anonymous Coward
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12/14/2006 11:24 AM
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Re: U.S. Mint bans melting pennies, nickels
The commodities market is way over played, stocks rise faster than the value, or go down even faster, shorting, there's a scam going on with commodities, that creates inflation, FOOD, core inflation is a scam, anything to justfy their scam, makes these assholes feel better, organized idiot's
Anonymous Coward
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12/14/2006 11:51 AM
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Re: U.S. Mint bans melting pennies, nickels
For those who buy 100000 acres in paraguay what are a few melted pennies or nickels?


This is what it has come down to in the "greatest country of the world"?

Melting pennies and nickels for a penny profit pennywise


funny how they can push the PEOPLE into the ground


strip the naked

deny food to the hungry

deny education to the ignorant

beat the fallen

create a box with no recourse other than to break a statute-NOT the RULE OF COMMON LAW as it barely even exists but a host of statutes made by MERE MEN that defy logic - refute compassion and hold an oliogarchy as the dicktator of the land-


What have we de-evolved into? As the morlocks run rampant and change laws and statutes to hold corporation in esteemed positions-enacting laws AGAINST THE PEOPLE WHO ARE THE COUNTRY


It is a sad time in our illustrious history-reduced to a bunch of panty waisted ninnys whining on lunatic forums

about smelting pennies-yes everyone has their penny and nickel forge fired up, ready to melt our way into financial freedom(they are obviously concerned about the mad dash to smelt)...more statutes and laws to ensnare the people

Since many of the new laws, Patriot act and those that followed have for all practical purposes make all Americans non citizens without the protection of a Bill of Rights, Habeaus Corpus, etc.,.(josepadilla/3 yrs of isolation/there is no more Jose-he has gone and will never return as before)


Personally, their bills are not worth much at all either-there are the rogues that have pilferred the treasury and tat even on wtcDAY untold gold went missing. So they are busy passing more traps for many-as the days pass and the hunger increases...watch and see-Learn the ways of the enemy that strives to devour
Sinanju nli
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12/14/2006 11:53 AM
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Re: U.S. Mint bans melting pennies, nickels
Can I still light my cigars with hundred dollar bills?
clemkiddlhopper
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12/14/2006 11:58 AM
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Re: U.S. Mint bans melting pennies, nickels
The I.R.S. has ruled that change is not cash tender. This made
coin not cash. They did not want to take it for tax payments. Ohio had a 6.5 percent sales tax rate. I have been cutting them in half to pay the tax. They created a new coin by passing the tax rate that there was no coin to pay it in. One would have to read the new rules to see if they overturn the I.R.S. rules. I would love to pay my tax bill in coins. If not I will still use the Two dollar bill.
Anonymous Coward
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12/14/2006 11:59 AM
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Re: U.S. Mint bans melting pennies, nickels
Id like to know who still uses pennies? Why not just get rid of them and make the dime or nickel the lowest value coin. It would save billions over the long haul. Just round up and bingo.
Uptight Librarian
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12/14/2006 12:10 PM
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Re: U.S. Mint bans melting pennies, nickels
Okay, this matter brings up a question that I haven't thought too much about, but I think my question is valid: doesn't it take an act of CONGRESS to make melting down the national coinage a crime? How can an un-elected government agency take it upon itself to declare some activity a legally-actionable crime, complete with fine and prison term, if you are found guilty of the infraction? I don't think of myself as a Libertarian, but isn't the U.S. Mint overstepping it's bounds here? How is it that we have gotten to a point where un-elected government agencies can decide what the laws of the land shall be? I know the U.S. Mint isn't the only un-elected government agency that does this. (The FDA is one example that comes to mind).
DC is full of douche bags
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12/14/2006 12:49 PM
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Re: U.S. Mint bans melting pennies, nickels
For those who buy 100000 acres in paraguay what are a few melted pennies or nickels?


This is what it has come down to in the "greatest country of the world"?

Melting pennies and nickels for a penny profit pennywise


funny how they can push the PEOPLE into the ground


strip the naked

deny food to the hungry

deny education to the ignorant

beat the fallen

create a box with no recourse other than to break a statute-NOT the RULE OF COMMON LAW as it barely even exists but a host of statutes made by MERE MEN that defy logic - refute compassion and hold an oliogarchy as the dicktator of the land-


What have we de-evolved into? As the morlocks run rampant and change laws and statutes to hold corporation in esteemed positions-enacting laws AGAINST THE PEOPLE WHO ARE THE COUNTRY


It is a sad time in our illustrious history-reduced to a bunch of panty waisted ninnys whining on lunatic forums

about smelting pennies-yes everyone has their penny and nickel forge fired up, ready to melt our way into financial freedom(they are obviously concerned about the mad dash to smelt)...more statutes and laws to ensnare the people

Since many of the new laws, Patriot act and those that followed have for all practical purposes make all Americans non citizens without the protection of a Bill of Rights, Habeaus Corpus, etc.,.(josepadilla/3 yrs of isolation/there is no more Jose-he has gone and will never return as before)


Personally, their bills are not worth much at all either-there are the rogues that have pilferred the treasury and tat even on wtcDAY untold gold went missing. So they are busy passing more traps for many-as the days pass and the hunger increases...watch and see-Learn the ways of the enemy that strives to devour
 Quoting: Anonymous Coward 134567

rofl applause
Well said.


bushtard Farting ki
F.B. Nyte
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12/14/2006 03:27 PM
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Re: U.S. Mint bans melting pennies, nickels
not ture..



(snip)
Wanna make 35% on an investment? Go to your US bank and buy a bag of nickels. Each nickel weighs 5 grams. 1.25 grams is nickel ($15.15 per pound) and 3.75 grams is copper ($3.16 per pound.) It costs the US government $.067 per nickel to make them just for the metals. I don't have figures for the Canadian five cent piece but it has to be pretty close to the same.


[link to www.321gold.com]
 Quoting: paladin


I wonder if pennies and nickles will ever sell in bags like silver coins do now????



Nickel Rises to 19-Year High in London as Supply Is Disrupted

By Chanyaporn Chanjaroen

Dec. 14 (Bloomberg) -- Nickel rose to its highest in London since at least 1987 on speculation disruption at mines and plants will keep production lagging behind demand through 2007.

Cia. Vale do Rio Doce, which acquired Canadian nickel producer Inco Ltd. this year, said today that its Indonesian unit may miss an output target for 2006 because of reduced power supply. French nickel miner Eramet SA has lost production since September because of a strike by miners.

``Gains are supply-driven,'' Catherine Virga, a New York- based analyst at CPM Group, said in a telephone interview. ``The market will be in a deficit next year, extending to 2008.''

Nickel for delivery in three months gained $1,550, or 4.7 percent, to $34,800 a metric ton as of 5:07 p.m. on the London Metal Exchange. Earlier, the metal used in stainless steel rose to $34,875 a ton, beating the previous 19-year high set on Dec. 5 by $374.

PT International Nickel Indonesia, the country's largest nickel producer, may miss this year's production target of 71,000 tons as lower-than-average rainfall since October reduced electricity at the company's hydroelectric power generator, the company said today in an e-mailed statement. BHP Billiton Ltd., the world's largest mining company, said Dec. 11 there will be a production shortfall of 57,000 tons next year.

``Supply-wise we haven't seen any significant increase,'' Mo Ahmadzadeh, president of Mitsui Bussan Commodities Ltd. in New York, said today by phone.

Aluminum Rises

Aluminum rose to the highest in more than six months as stockpiles of the metal used in beverage cans and cars dwindled, spurring speculation that supplies are tightening.

Inventory of the metal tracked by the LME has dropped 13 percent since the end of June, according to exchange data. The production deficit widened to 328,000 tons in the 10 months to October, from 167,000 tons in the first nine months of the year, the Ware, England-based World Bureau of Metals Statistics said yesterday.

``There's not much of the metal around at the moment,'' said Adam Rowley, a London-based analyst at Macquarie Bank Ltd., Australia's largest securities firm. Prices may rise to $3,000 a ton in the next few months, Rowley said.

Aluminum for delivery in three months gained as much as $75, or 2.7 percent, to $2,875 a ton, the highest since May 23.

Prices of aluminum, the most traded metal on the LME, have gained 25 percent this year, lagging behind copper, zinc and nickel, as output grew in China, the world's largest producer. Production in the U.S., the second-biggest, dropped 7.9 percent last month after the closing of a smelter in Maryland owned by Alcoa Inc., according to the Arlington, Virginia-based Aluminum Association.
Anonymous Coward
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12/14/2006 03:48 PM
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Re: U.S. Mint bans melting pennies, nickels
A few years ago I had a hunch that coin would become much more valuable than mere paper money. Too bad I didn't act on that hunch and convert paper to pennies and nickles, dimes and quarters and store in jars and coffee cans.
Torch 'em
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12/14/2006 03:54 PM
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Re: U.S. Mint bans melting pennies, nickels
Bwahahah !! This is the absolute end !!

Your BASE coinage is now the 'precious-metal' backing for the worthless paper 'money'.

I'm old enough to remember Silver coinage, in circulation, and the change-over to the clad crap in '65. Silver WAS substance, and not some debt-issued 'promise to pay'.

As per usual , bad money drove out the good, and people were sorting thru their change, to stash back the GOOD stuff.

What only struck me later, once I realized the scam, was what LBJ said to justify the discontinuation of Silver as 'money'.

His excuse was that "the silver was now more valuable than the face-value of the coins". Sound familiar ??

How is this any different than making some OTHER adjustments in our method of accounting.

Let's all agree that Six is now too big to be 'half a dozen'.

Crazy, right ? Same thing with the coins, in the case of the Silver variety, the Coinage Act of 1792 DEFINED the 'dollar' as so-much metal, NOT the other way around.
Anonymous Coward
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12/14/2006 04:01 PM
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Re: U.S. Mint bans melting pennies, nickels
FUCK THEM. I'll do whatever I want with MY MONEY.
paladin (OP)

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12/14/2006 06:22 PM
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Re: U.S. Mint bans melting pennies, nickels
not ture..



(snip)
Wanna make 35% on an investment? Go to your US bank and buy a bag of nickels. Each nickel weighs 5 grams. 1.25 grams is nickel ($15.15 per pound) and 3.75 grams is copper ($3.16 per pound.) It costs the US government $.067 per nickel to make them just for the metals. I don't have figures for the Canadian five cent piece but it has to be pretty close to the same.


[link to www.321gold.com]


I wonder if pennies and nickles will ever sell in bags like silver coins do now????



Nickel Rises to 19-Year High in London as Supply Is Disrupted

By Chanyaporn Chanjaroen

Dec. 14 (Bloomberg) -- Nickel rose to its highest in London since at least 1987 on speculation disruption at mines and plants will keep production lagging behind demand through 2007.

Cia. Vale do Rio Doce, which acquired Canadian nickel producer Inco Ltd. this year, said today that its Indonesian unit may miss an output target for 2006 because of reduced power supply. French nickel miner Eramet SA has lost production since September because of a strike by miners.

``Gains are supply-driven,'' Catherine Virga, a New York- based analyst at CPM Group, said in a telephone interview. ``The market will be in a deficit next year, extending to 2008.''

Nickel for delivery in three months gained $1,550, or 4.7 percent, to $34,800 a metric ton as of 5:07 p.m. on the London Metal Exchange. Earlier, the metal used in stainless steel rose to $34,875 a ton, beating the previous 19-year high set on Dec. 5 by $374.

PT International Nickel Indonesia, the country's largest nickel producer, may miss this year's production target of 71,000 tons as lower-than-average rainfall since October reduced electricity at the company's hydroelectric power generator, the company said today in an e-mailed statement. BHP Billiton Ltd., the world's largest mining company, said Dec. 11 there will be a production shortfall of 57,000 tons next year.

``Supply-wise we haven't seen any significant increase,'' Mo Ahmadzadeh, president of Mitsui Bussan Commodities Ltd. in New York, said today by phone.

Aluminum Rises

Aluminum rose to the highest in more than six months as stockpiles of the metal used in beverage cans and cars dwindled, spurring speculation that supplies are tightening.

Inventory of the metal tracked by the LME has dropped 13 percent since the end of June, according to exchange data. The production deficit widened to 328,000 tons in the 10 months to October, from 167,000 tons in the first nine months of the year, the Ware, England-based World Bureau of Metals Statistics said yesterday.

``There's not much of the metal around at the moment,'' said Adam Rowley, a London-based analyst at Macquarie Bank Ltd., Australia's largest securities firm. Prices may rise to $3,000 a ton in the next few months, Rowley said.

Aluminum for delivery in three months gained as much as $75, or 2.7 percent, to $2,875 a ton, the highest since May 23.

Prices of aluminum, the most traded metal on the LME, have gained 25 percent this year, lagging behind copper, zinc and nickel, as output grew in China, the world's largest producer. Production in the U.S., the second-biggest, dropped 7.9 percent last month after the closing of a smelter in Maryland owned by Alcoa Inc., according to the Arlington, Virginia-based Aluminum Association.
 Quoting: F.B. Nyte 144284





hey...F.B..


good question...will they ban the pre 64 silver coins???
paladin (OP)

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12/14/2006 06:24 PM
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Re: U.S. Mint bans melting pennies, nickels
Turn Off The Smelters!

By Alec Nevalainen
December 14, 2006


It was only a matter of time. The U.S. Mint (apparently the 4th branch of government capable of creating laws) decided to make all U.S. coin melting illegal.

I'm obviously not surprised. Particularly looking at the web server logs to my website coinflation.com, there's been a lot of ".gov" computers visiting recently (I'm watching you big brother). I've seen this log activity before, but I figured it was idle government workers looking up silver coin values. At least I thought that until looking at the server activity the last two weeks:

Visits from the U.S. Congress
Visits from the U.S. Treasury
Visits from uscourts.gov
Visits from the Department of Justice (just one)
All .gov activity the last two weeks

Way too funny. The "Men in Black" will be knocking on my door soon, asking me why there's a thick black cloud of smoke coming from my fireplace.

I guess it's time to turn off the home smelter.

To find out the intrinsic value of U.S. coins (including pre-1965 silver), visit coinflation.com.

P.S. I'm only kidding folks. I don't melt coins in my fireplace... geez.




[link to www.coinflation.com]
Anonymous Coward
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12/14/2006 08:02 PM
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Re: U.S. Mint bans melting pennies, nickels
Don't spend them, don't melt them, don't sell them. Hoard all you can. It's absurd that nickels and pennies are the only money we have that are worth something.
fawnknudsen

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12/14/2006 08:07 PM
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Re: U.S. Mint bans melting pennies, nickels
a I thought all they made was mint mouthaways...I mean, Mint meltaways.
No BS there
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12/14/2006 10:26 PM
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Re: U.S. Mint bans melting pennies, nickels
FUCK THEM. I'll do whatever I want with MY MONEY.
 Quoting: Anonymous Coward 168976

You got a point there, it's your private property you worked for it! according to the US Constitution.

hmm
paladin (OP)

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12/15/2006 11:23 AM
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I have read that this was done because a large metal company was melting large amounts of coins..
One is not the Other
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12/16/2006 12:23 AM
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Re: U.S. Mint bans melting pennies, nickels
The I.R.S. has ruled that change is not cash tender. This made
coin not cash.
They did not want to take it for tax payments. Ohio had a 6.5 percent sales tax rate. I have been cutting them in half to pay the tax. They created a new coin by passing the tax rate that there was no coin to pay it in. One would have to read the new rules to see if they overturn the I.R.S. rules. I would love to pay my tax bill in coins. If not I will still use the Two dollar bill.
 Quoting: clemkiddlhopper 149054


Perhaps this is 'splitting hairs', but aren't coins STILL made by the US Treasury ??. [NOT the Federal Reserve ]

The IRS, as those of us who READ know, is NOT found in Title 31 USC, as a part of the Treasury Department, and is, in fact, just the 'collection agency for the Federal Reserve'.

Thus, the fact that they ONLY want the paper and not the coins may be some Legal Consideration along the lines of "rendering unto Ceaser that which is his".

Coins are USUALLY legal tender up-to $20.

The fact that the IRS doesn't want them MAY be more-at the fact that they aren't authorized to claim the kick-back, as on the Fed's notes. Hmm?
Anonymous Coward
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05/29/2014 06:50 PM
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Re: U.S. Mint bans melting pennies, nickels
This is all controlled by the Money Changers. Read the Bible to see what Jesus said about them (it wasn't nice)
Anonymous Coward
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05/29/2014 06:53 PM
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Re: U.S. Mint bans melting pennies, nickels
This type of 'ban' suggests to me that we don't really OWN anything... even the spare change in our pockets!

Once upon a time, when you worked for something [ie: currency] it become completely -and without question- your property, to do with as you personally saw fit.

I grew up with the understanding that it was illegal to 'deface' American coinage or the flag. To me, that meant that you didn't etch your picture in place of Washingtons on a quarter or sew sequins over the stars on Old Glory -logical, since this would render them pretty useless [well: at least in the case of the quarter!] and I always thought the governmental rule was in place to reinforce the respect these common cultural icons represented. BUT: I always somehow retained the right to do as I chose with them.

Well: the US Mint can go fuck themselves. whether the pennies are in my pocket or in a Miracle Whip jar in my backyard THEY BELONG TO ME and I'll nail them on an old plank in the shape of a dollar-sign if I choose to do so! I can cut them, bend them, drill them, hammer them, and yes: melt them down if I want and defy anyone to tell me otherwise.

As a poster cogently stated above: once they're melted you can't really tell what they were originally, now can you?

Truthfully: the only thing that makes me NOT do something like smelting pennies is not this new ban... it's just not worth my time and effort to do so... but by God, I'll certainly do it if I want!
 Quoting: gsbltd 169562


Someone who really understands. Thank you sir/ma'am.
Anonymous Coward
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05/29/2014 06:56 PM
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Re: U.S. Mint bans melting pennies, nickels
I wanted to add this, and you can rest assured this does not come from a fool, as I've profited nicely in the last ten years:

Do not acquire precious metals in traceable form! DO NOT ACQUIRE SIGNIFICANT METALS IN TRACEABLE FORM!


As sure as Miley Cyrus uses itch cream, you will see efforts to confiscate gold.

That is a fact Jack.
Anonymous Coward
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05/29/2014 07:00 PM
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Re: U.S. Mint bans melting pennies, nickels
U.S. Mint bans melting pennies, nickels
By MARTIN CRUTSINGER, AP Economics Writer
Thu Dec 14, 12:26 AM ET



WASHINGTON - Given rising metal prices, the pennies and nickels in your pocket are worth more melted down than their face value — and that has the government worried.




U.S. Mint officials said Wednesday they were putting into place rules prohibiting the melting down of 1-cent and 5-cent coins. The rules also limit the number of coins that can be shipped out of the country.

"We are taking this action because the nation needs its coinage for commerce. We don't want to see our pennies and nickels melted down so a few individuals can take advantage of the American taxpayer," Mint Director Edmund Moy said in a statement.

Officials said they had received a number of inquiries from the public in recent months concerning the value of the metal in the coins and whether it was legal to melt them.

The new regulations prohibit the melting of 1-cent and 5-cent coins, with a penalty of up to five years in prison and a fine of up to $10,000 for people convicted of violating the rule.

The rules also require that shipments of the coins out of the country be for legitimate coinage and numismatic purposes and cap the size of any one shipment to $100 worth of the coins.

Because of the prevailing prices of copper, zinc and nickel, the cost of producing pennies and nickels exceeds the face value of the coins.

A nickel is 25 percent nickel and 75 percent copper. The metal in one coin costs 6.99 cents for each 5-cent coin. When the Mint's cost of producing the coins is added, the total cost for each nickel is 8.34 cents.

Modern pennies have 2.5 percent copper content with zinc making up the rest of the coin. The current copper and zinc in a penny are worth 1.12 cents. The cost of production drives the cost of each penny up to 1.73 cents.

Pennies made before 1982, which are still in circulation, would be even more lucrative to melt down because they contain 95 percent copper and only 5 percent zinc. The metal value in those coins is 2.13 cents per coin, Mint officials said.

The new regulations are being published in the Federal Register and will go into effect as interim rules which will not become final until the government has a chance to consider possible modifications based on public comments.



[link to news.yahoo.com]
 Quoting: paladin


LOL I can't even quote ONE person since 99% of what they are saying is true. Amerika is falling, and falling FAST. People have been looking for pure copper pennies and other change for a while because it is worth more than the gov would like to admit. (For laments terms you can melt down a shitload of copper pennies down into a chunk and sell it against the value of copper/nickel.etc .) I believe its 82 or lower for pennies, 63 or lower for silver dollars, etc etc....The US has been running on IOU's for a long time.
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05/29/2014 07:00 PM
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Re: U.S. Mint bans melting pennies, nickels
can a country reduce inflation by making money cost more to make than the face value of the money itself
wasn't that Paul keatings trick in the late 80`s?

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